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Results fourth quarter and full year 2012

Oslo, Norway, 28 February 2013: Photocure (OSE: PHO), a Norwegian specialty pharmaceutical company focused on photodynamic technologies in dermatology and cancer, today announces its results for the fourth quarter and full year 2012.

Highlights include:

(Numbers in brackets are for the corresponding period in 2011)

  • Positive initial results of the phase 2b study for Cevira®, in development for the treatment of human papilloma virus (HPV) associated diseases of the cervix. Cevira demonstrated a statistically significant lesions response and HPV clearance in CIN2 patients.
  • Total revenues increased 12% to NOK 47.3 million (NOK 42.4 million) in 4Q 2012 driven by milestone revenues and sales of Hexvix®/Cysview®. Total revenues for the full year increased 17% to NOK 133.8 million (NOK 114.1 million).
  • Sales revenues increased 4% to NOK 19.7 million (NOK 18.9 million) in 4Q 2012. Sales revenues for the full year increased 7% totaling NOK 75.1 million (NOK 70.0 million).
  • Sales revenues from Photocure’s own sales of Hexvix/Cysview increased 37% to NOK 9.7 million (NOK 7.1 million) in 4Q 2012. Sales revenues from own sales increased 23% to NOK 24.0 million for the full year.
  • Financial performance improved with operating results of NOK 2.5 million (NOK -1.8 million) in 4Q 2012. There was a net loss of NOK 30.1 million (NOK 19.3 million) for the full year which reflects increased expenditure in building Photocure’s commercial infrastructure in the US.
  • Cash and cash equivalents of NOK 302.8 million on 31 December 2012. Positive cash flow in fourth quarter driven by contractual payments from Galderma and Salix.
  • With our current financial position and the prospects of securing future partnerships for our pipeline products, the Board proposes to distribute NOK 2.00 per share back to the shareholders in the form of dividend.

 

Key figures:

Figures in NOK million

4Q 2012

4Q 2011

Change

FY 2012

FY 2011

Change

Sales revenues

19.7

18.9

4 %

75.1

70.0

7 %

Signing fee & milestone revenues

27.6

23.5

18 %

58.7

44.1

33 %

Total revenues

47.3

42.4

12 %

133.8

114.1

17 %

Gross profit

45.6

39.8

15 %

124.4

103.2

21 %

Research and development expenses

13.3

20.9

-36 %

50.1

64.1

-22 %

Sales and marketing expenses

18.7

10.9

71 %

70.2

30.6

130 %

Operating result (EBIT)

2.5

-1.8

 

-39.2

-30.6

 

Net profit/loss continued operations

5.7

40.3

 

-30.1

19.3

 

Earnings per share, diluted (NOK)

0.07

1.56

 

-2.24

-0.35

 

 

President & CEO Kjetil Hestdal, M.D. Ph.D. comments:

 2012 was an important year for Photocure as we delivered on significant milestones towards our goal of becoming a specialty pharma company. We successfully launched Cysview in the US, continued with strong growth of Hexvix in the Nordic region and our strategic partner, Ipsen, became fully operational across the major European markets. We continued to advance our pipeline and reported positive results of the phase 2b trials for both Cevira and Visonac and achieved a payment from Salix, our strategic partner for Lumacan. We are well positioned to drive sales of Hexvix/Cysview and to maximize the value of our pipeline”

Please find the full financial report and presentation enclosed.

Photocure ASA will present its fourth quarter and full year 2012 report today at Shippingklubben, Haakon VIIs gate 1 (top floor), Oslo, Norway. The presentation will begin at 08.00 (CET) and representatives from the company will be Kjetil Hestdal, President & CEO and Erik Dahl, CFO.

The presentation will be publicly available at www.photocure.com. It will be possible to follow the presentation through a live webcast.

Photocure will additionally host an audio webcast  and conference call today in English at 16.00 CET / 15.00 GMT / 10.00 EST.

Please make sure to dial in 10 minutes prior to scheduled conference call start time on one of the following numbers:

Confirmation code: 3694370

  • NORWAY:         +472350 0486
  • UK:                   +44(0)20 7136 2051
  • USA:                +1212 444 0895

It is possible to listen to a replay of the conference call on the following numbers:

Confirmation code: 3694370

  • NORWAY          +47 2100 0498
  • SWEDEN          +46 (0)8 5051 3897
  • DENMARK        +45 32 71 09 13
  • UK                    +44 (0)20 3427 0598
  • USA                 +1 347 366 9565

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